The detached sales in North SD County Coastal has been slowing down the last couple of weeks.

The recent solds had looked promising, with 251 detached homes closed last month, which was a 24% increase over the 202 that closed in June, 2009. 

But the new pendings are sluggish. Here are the number of detached listings marked pending only – contingents not included – during each 7-day period (2009 have all closed):

7-day period 2009 2010
6/14-20 48 40
6/21-27 52 71
6/28-7/4 51 52
7/5-11 41 37
7/12-18 56 48

The last two weeks’ worth of new pendings haven’t hit their 17-day contingency deadline, there will be even fewer that actually close.  In July, 2009 there were 237 detached sales, and so far this month there have been 98 closings – we might not get up to last year’s count.  If we’re only having 30-40 real pendings per week, the drastically-lower YOY sales in the coming months will look like a missed opportunity to sellers, but will they lower their price, or cancel?

There are buyers.  Over the weekend I wrote offers with two different buyers that both got caught in multiple-offer situations, both on one-story homes.  One is still in competition with two others at what appears to be a little under list price (I think), but we lost on the other, even though we wrote a full-price, 30% down-payment offer with pre-approval and proof of funds submitted.

It reminds me of the old saying: “Look to buy when everyone else isn’t”.

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